Fitch upgrades the ratings of the International Bank of Azerbaijan

According to the report, Fitch Ratings has upgraded Open Joint-Stock Company International Bank of Azerbaijan's (IBA) Long-Term Issuer-Default Rating to 'B-' from 'RD' (Restricted Default).

The upgrades of the bank's ratings follow the completion of IBA's debt restructuring on 1 September 2017 and the latest transfer of bad assets off the bank's balance sheet, which Fitch expects to be completed shortly.

IBA's VR of 'ccc' reflects the bank's still large exposure to market risks given the bank's sizable unhedged short foreign-currency position. However, the bank's VR benefits from a comfortable liquidity position and currently low-risk asset exposures.